Market Insights 02/06/2025

DAILY MARKET REPORT – 02/06/2025

Welcome along to June.

A bearish session to end the week seen on Friday with further tariff suggestions being commented on social media by the US President – which included suggestion of further tariffs on China and doubling those already existing for steel.

As we turn fully into the new month, there is plenty of planned maintenance expected on the Norwegian assets which will see up to 100mcm taken offline.

Gas storage is now quickly heading towards the 50% level, but that rate may be impacted over the coming weeks with flow levels expected to be mixed.

Friday saw the TTF Front Month contract settle at €34.23 (from €35.40) and the NBP Front Month contract at 79.62p (from 83.16p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 285mcm (301). EU gas storage showing at 48.32% (47.15%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 2 (2).

This morning we see the Front Month TTF contract at €34, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €36 (vs €34 and €37)
Curve NBP Front Month 80p, Front Season 91p (vs 83p and 94p)
UK Gas NBP spot 79p (from 82p)
UK Power Base spot £66 (from £59)

UK power prices show the UK Front Month Baseload contract at £73 (£72) and Front Season at £83 (£85).

In other areas of the market Brent Oil is at $63 ($64) and EUAs are at €70 (€71). Henry Hub is at $3.45 ($3.52) and JKM is at $12.16 ($12.30) with TTF Equiv of $11.41 ($11.82).

Numbers in brackets show the previous reports value.